Oil price news

Here are the latest oil price news and updates:

Current Oil Prices:

• West Texas Intermediate (WTI) Crude Oil: $63.35 per barrel (up 0.6% from yesterday)
• Brent Crude Oil: $66.45 per barrel (up 0.5% from yesterday)
• Natural Gas: $2.64 per million British thermal units (up 0.4% from yesterday)

Recent Developments:

• OPEC+ agrees to increase oil production by 500,000 barrels per day in July, despite concerns over rising COVID-19 cases and global economic uncertainty. (Source: Reuters)
• The International Energy Agency (IEA) warns that the global oil market is facing a "perfect storm" of supply and demand imbalances, with demand expected to recover more slowly than previously thought. (Source: Bloomberg)
• The United States Energy Information Administration (EIA) reports a surprise increase in crude oil inventories last week, citing higher production and lower refinery runs. (Source: EIA)

Market Analysis:

• Oil prices are expected to remain volatile in the coming weeks, driven by concerns over the impact of COVID-19 on global demand and the ongoing supply glut. (Source: CNBC)
• The market is also watching the situation in Libya, where a blockade by a group of rebels has disrupted oil exports and raised concerns over supply disruptions. (Source: Bloomberg)
• Some analysts are predicting a potential price correction in the coming months, citing the recent surge in oil prices and the potential for a slowdown in global economic growth. (Source: Forbes)

Upcoming Events:

• OPEC+ meeting on July 1 to discuss oil production levels and market conditions. (Source: OPEC)
• IEA monthly oil market report on July 14, which is expected to provide updated forecasts on global oil demand and supply. (Source: IEA)
• EIA weekly petroleum status report on July 15, which will provide updated data on crude oil inventories and refinery runs. (Source: EIA)

Stay up-to-date with the latest oil price news and analysis by following reputable sources such as Bloomberg, Reuters, and CNBC.